Nigeria’s Oil Company NNPC Spent N7.3Billion On Entertainment In 16 Months

NNPC community allotment of earnings for West Africa LPG stood at N807 million whereas as of June 2022, the accumulated loss stood at N1 billion.

A evaluate of economic statements of the Nigerian National Petroleum Company Limited has proven that its subsidiaries posted brief term money owed to the tune of N83 billion in 2022.

In preserving with the financial statements of the NNPCL for December 2022, Nikorma transport Alternate and varied payables (money owed) stood at N4.5 billion, West Africa LPG Limited commerce payable figure stood at N79.2 billion, whereas that of Hyson Nigeria small changed into once N15 million. 

The West Africa LPG small trades as a car for offtake, marketing and marketing and trading of Liquified Natural Gas. On its site, it identified itself as a wholly owned subsidiary of the Nigerian National Petroleum Company and Ocean Bed Buying and selling Limited.

In total, the money owed accumulated by these subsidiaries changed into once N83 billion.

These organisations additionally posted losses, the financial statements of the NNPC demonstrate.

The organisation famed that it may possibly well possibly possibly no longer gain any earnings from Nikorma Transport and West Africa LPG attributable to the truth that the accumulated lack of every organisations changed into once increased than the earnings posted by the NNPC subsidiaries.

As an instance, the NNPC community allotment of earnings for West Africa LPG stood at N807 million whereas as of June 2022, the accumulated loss stood at N1 billion.

In one other pattern, the NNPC spent the sum of N7 billion on leisure expenses within the 16 months financial narrative published in December 2022.

There had been concerns on accountability within the NNPC with calls for the organisation to put up its financial statements. 

With 2024 already in its seventh month, the NNPC is yet to put up its 2023 financial statements. 

SaharaReporters additionally famed that as an instance the NNPCL wrote off money owed to the tune of N140 billion in three years between 2019 and 2021. 

And not utilizing a doubt one of many NNPCL subsidiary gave out loans price N2 billion to workers in spite of recording zero earnings in 2021.

Old financial statements demonstrate NNPC funding loss-making subsidiaries amid operational concerns. 

This pattern additionally comes the establish the NNPCL has been announced as acquiring varied indecent backed loans. In 2023, it changed into once announced that the NNPC Limited obtained a $3 billion indecent backed mortgage. 

The Nigerian Extractive Alternate Transparency Initiative (NEITI) has additionally accused the NNPCL Of failing to remit N2.8 trillion tax to the authorities coffers in 2022.

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